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DITO CME net loss balloons to P4.6 billion

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DITO CME Holdings Corp. saw its attributable net loss for the second quarter of the year balloon to P4.63 billion from a loss of P1.18 billion previously, mainly due to higher expenses.

Total revenues for the period surged to P1.70 billion from P278.58 million in the same period a year ago, the company’s second-quarter financial performance results showed.

Total expenses for the second quarter climbed 98.4% to P5.10 billion from P2.57 billion in the same period in 2021.

Attributable net loss for the first half widened to P8.30 billion, from a loss of P2.05 billion previously.

“This was mainly due to higher operating expenses and other charges offset by gross revenue generated from the start of DITO Telecommunity Corp.’s commercial operations on March 8, 2021,” the company said.

The company’s total revenues for the first six months increased to P3.03 billion from P286.39 million in the same period a year earlier.

This was “mainly due to revenues generated by DITO Telecommunity,” DITO CME said.

Expenses for the period surged 135.5% to P9.82 billion from P4.17 billion in the previous year.

“The group derives its revenue mainly from the transfer of goods and services over time and at a point in time by providing mobile services to subscribers such as data and internet, voice and SMS,” the company said.

“As of June 30, 2022, DITO Telecommunity has 9.64 million gross mobile subscribers, a 614% year-on-year increase. Average revenue per unit for the first six months of the year was at P81,” DITO CME noted.

DITO CME shares closed 0.53% lower at P3.76 apiece on Tuesday. — Arjay L. Balinbin